Penton Media Reports Fourth-Quarter and Full-Year 2003 Financial Results.Business Editors CLEVELAND--(BUSINESS WIRE)--Feb. 26, 2004 Penton Media Penton Media, Inc. (OTC: PTON.OB), founded in 1892, is a diversified business-to-business media company. Penton Media is a mass media corporation that publishes and produces over 40 magazines, 80 trade shows, and 47 web sites. , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :PTON): -- Quarterly revenues and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become adversely impacted by trade show timing shifts, persistent Permanent. See persistent data, persistent name and persistent object. persistent - persistence weakness in tech and manufacturing marketing spending -- Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. net loss of $87.8 million compares with loss of $286.3 million in 2002 -- Year-to-date adjusted EBITDA increases 76% from $14.5 million in 2002 to $25.5 million; adjusted EBITDA margin doubles to 12.4% Penton Media, Inc. (OTCBB:PTON), a diversified diversified (di·verˑ·s business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. media company, today reported a net loss for the fourth quarter ended December December: see month. 31, 2003, of $12.0 million compared with net income of $12.8 million in the year-ago quarter. Revenues for the fourth quarter of $47.3 million compared with $63.8 million in the year-ago quarter. Adjusted EBITDA was $3.1 million compared with $5.3 million in the 2002 period. (A reconciliation of adjusted EBITDA to net income (loss) is included in the supplemental information with this press release.) Fourth-quarter 2003 results were most significantly impacted by a shift in timing of two trade shows that ran in the fourth quarter in 2002 but were held in the third quarter of 2003; the disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of several media properties in fourth quarter 2002 and first quarter 2003; and recognition of a modest tax benefit in the quarter compared with a $30.8 million tax benefit in the 2002 fourth quarter. The year-ago benefit was the result of the Company's 2002 net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. available for carryback carryback n. in taxation accounting, using a current tax year's deductions, business losses or credits to refigure and amend a previously filed tax return to reduce the tax liability. (See: carryover) , less a valuation allowance. After adjusting for trade show shifts and the sale of media properties, revenues in the fourth quarter declined 10.7%, or $5.7 million, and adjusted EBITDA increased to $3.1 million from $0.2 million in the year-ago fourth quarter. The net loss applicable to common stockholders was $14.8 million, or $0.44 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with a gain of $12.2 million, or $0.37 per diluted share, in the year-ago quarter. FOURTH-QUARTER 2003 SEGMENT RESULTS The Company's largest segment, Industry Media, experienced a 13.2% revenue decline in the fourth quarter to $21.4 million compared with the same 2002 period. Adjusted segment EBITDA (defined below) was $2.9 million, a 28.5% decline. After adjusting for property dispositions, revenues for the segment declined 11.5% and adjusted EBITDA declined 27.3%. The declines related primarily to advertising softness in manufacturing magazines and to weakness in manufacturing trade shows held in the United Kingdom. Technology Media segment revenues fell 22.8% to $18.0 million in the quarter, while adjusted segment EBITDA grew 41.2% to $2.9 million compared with $2.0 million in 2002. After adjusting for dispositions, revenues declined 18.2% and adjusted segment EBITDA grew 22.7%. Revenue declines were driven by print advertising weakness, while adjusted segment EBITDA was substantially improved by effective cost reduction and portfolio management efforts. Lifestyle Media segment quarterly results were significantly impacted by the shift in timing of Natural Products Expo East, which took place in the fourth quarter of 2002 and moved to the third quarter in 2003. Segment revenues declined 66.0% to $3.0 million and adjusted segment EBITDA decreased $4.4 million to a loss of $0.6 million. After adjusting for the change in timing of Expo East, revenues increased 26.5% and adjusted segment EBITDA grew 34.4%. The Retail Media segment's results were adversely impacted by the shift in timing of the International Leisure Industry Week (LIW See VLIW. ) exhibition, which took place in the fourth quarter of 2002 and was held in the third quarter of 2003. Revenues were down 30.5% to $4.9 million in the quarter compared with the year-ago period and adjusted segment EBITDA decreased to $0.5 million compared with $1.2 million in the 2002 fourth quarter. After adjusting for the LIW timing shift, revenues increased 10.1% and adjusted segment EBITDA decreased by $0.1 million. (Adjusted segment EBITDA is defined as operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. (loss) before depreciation and amortization, non-cash compensation, impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of assets, restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. , provision for loan impairment, and general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . General and administrative costs include functions such as finance, accounting, human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , and information systems, which cannot reasonably be allocated to each segment. A reconciliation of total adjusted segment EBITDA to operating income (loss) is included in the supplemental information attached to this press release.) FULL-YEAR 2003 PERFORMANCE For the third consecutive year, Penton's 2003 revenues were adversely affected by cutbacks in marketing spending by business-to-business enterprises across several markets, particularly in the technology and manufacturing sectors, two of the Company's core markets. Revenues for the year were $206.3 million, a 12.3% decline from 2002. After adjusting for dispositions, revenues declined 9.4%. Penton's 2003 net loss was $87.8 million compared with a loss of $286.3 million in 2002. Net loss for the year was impacted by: -- A non-cash goodwill and asset impairment charge of $45.8 million compared with $223.4 million in the year-ago period; the 2002 period also included a $39.7 million non-cash impairment charge, recorded as a cumulative effect of accounting change; -- A provision for loan impairment of $7.6 million; -- Restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and other expenses of $5.7 million compared with $15.4 million in 2002; -- Depreciation and amortization expense of $13.8 million compared with $19.3 million in 2002; -- A modest tax benefit compared with $40.5 million in 2002 (as previously noted); -- A gain from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $0.7 million compared with a loss of $3.3 million in 2002. The net loss applicable to common stockholders was $95.2 million, or $2.86 per diluted share, compared with a net loss of $332.5 million, or $10.27 per diluted share, in 2002. The 2002 period included a $42.1 million non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. related to the immediate recognition in additional paid-in capital additional paid-in capital Stockholder contributions that are in excess of a stock's stated or par value. For example, if a firm issues stock with a par value of $1 per share but sells the stock to investors at $10 per share, the firm's financial statements of the unamortized beneficial conversion feature resulting from stockholders' approval to remove Penton's preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. mandatory Peremptory; obligatory; required; that which must be subscribed to or obeyed. Mandatory statutes are those that require, as opposed to permit, a particular course of action. redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. , and $4.1 million of amortization of deemed dividend and accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the of preferred stock. The Company continued to aggressively manage costs in response to revenue declines in 2003. Adjusting for property dispositions, the cost basis of the Company was reduced $31.0 million, or 14.6%. Adjusted EBITDA, after taking into consideration dispositions, grew 61.4%. Adjusted EBITDA margin for 2003 was 12.4% compared with a 2002 margin of 6.2%, and 6.9% after adjusting for dispositions. FULL-YEAR 2003 SEGMENT RESULTS The Industry Media segment (39.9% of Penton's 2003 revenues) generated $82.3 million in revenues, a 10.8% decline compared with 2002. Adjusted segment EBITDA was $15.2 million, a decline of 4.5%. After adjusting for dispositions, Industry Media revenues decreased 9.1% and adjusted segment EBITDA declined 4.0%. As noted earlier, results for this segment were impacted by difficult market conditions in the manufacturing sector. Print media serving manufacturing executives, OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and design engineers and logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. professionals, as well as trade shows serving UK manufacturing audiences, experienced the most significant declines. The Technology Media segment (32.7% of revenues) generated $67.5 million in revenues, a 25.2% decline from 2002. Adjusted segment EBITDA for Technology Media was $7.7 million compared with $2.8 million in 2002. After adjusting for dispositions, revenues declined 20.1% and adjusted segment EBITDA grew by 87.3%. Challenges in the worldwide technology sector continued to adversely affect technology media, particularly print media serving the enterprise IT and electronics OEM segments, and tech-related trade shows in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . Aggressive cost
reductions and portfolio management drove the segment's significant
adjusted EBITDA improvement.The Lifestyle Media segment (15.4% of revenues) experienced a 3.0% revenue increase to $31.8 million, while adjusted segment EBITDA grew 4.5% to $12.8 million. Results reflected continuing development of the natural and organic products industries. The Retail Media segment (11.9% of revenues) generated revenues of $24.6 million, a 14.0% improvement over 2002. Adjusted segment EBITDA grew 48.8% to $5.6 million. Performance was driven by strong results of the Company's foodservice The foodservice (or food service) industry (US English; catering industry in British English) encompasses those places, institutions, and companies responsible for any meal eaten away from home. and hospitality publishing properties. On a product line basis, full-year Publishing revenues declined 10.6%, Trade Shows and Conferences revenues declined 22.0%, and Online Media revenues grew 9.2%. After adjusting for dispositions, Publishing revenues fell 9.8% year over year, Trade Shows and Conferences revenues declined 13.8%, and Online Media revenues increased 16.3%. "While Penton's top line was very disappointing, we achieved good growth in adjusted EBITDA and margins in 2003," said Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs L. Kemp n. 1. Coarse, rough hair in wool or fur, injuring its quality. , chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Our cost management focus throughout the year was on reducing corporate overhead and implementing process improvements to realize a permanent reduction in the cost basis of the business, while maintaining the high quality of our media products and customer service levels. We have a strong portfolio as well as dedicated and talented media professionals and support staff, and we're we're Contraction of we are. we're we are competing effectively in all our markets. We're eager to put the B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business media recession behind us and turn our attention to building this business once again." BUSINESS OUTLOOK "Although business conditions appear to be stabilizing stabilizing, v to hold a limb motionless in order to ground its energy; a standard isometric resistance technique, it releases tension and lengthens muscle fibers. during the first quarter, customers in several segments we serve continue to spend cautiously cau·tious adj. 1. Showing or practicing caution; careful. 2. Tentative or restrained; guarded: felt a cautious optimism that the offer would be accepted. on marketing, travel, and education and training -- areas that directly affect our performance," said Kemp. "It is difficult to determine when spending will drive a marked improvement for B2B media, although we are encouraged by more positive discussions with customers. "We are confident that the Company is positioned well to leverage overall strengthening of global economies, and a recovery in the technology and manufacturing sectors in particular," Kemp said. "We will continue to reduce the cost structure of the business, and will focus on driving revenues through aggressive, consultative selling Consultative selling emphasizes customer needs and meeting those needs with solutions combining products and/or services. A consultative salesperson typically provides detailed instruction or advice on which solution best meets these needs. of integrated marketing solutions to our customers and through the introduction of creative media products, particularly e-media and custom media that address our customers' need to reach qualified buyers." Penton Penton was a brand of off-road use motorcycle introduced in 1968 by John Penton, a noted enduro rider on the dirt bike competition circuit. The first Penton motorcycles were modified small bore European bikes based on the Austrian KTM, with a Sachs engine, but with improved does not plan to provide earnings guidance due to limited visibility in many of its markets. The Company's strategic focus is on developing a larger presence in markets it serves that have superior growth characteristics; diversifying its revenue channels, with a focus on expanding its electronic and event media portfolios; and leveraging its brands and market positions globally. CONFERENCE CALL ON THE WEB Penton will host a conference call to review its fourth-quarter 2003 results and its business outlook at 11 a.m. Eastern time today, February February: see month. 26, 2004. The call dial-in number is 973-633-1010. The live call will also be accessible via the Investors section of Penton's Web site, www.penton.com, and a replay will be archived on the site. A telephone replay of the conference call will be available from the afternoon of February 26 until 6 p.m. Eastern time March 4 by calling 402-220-1156. No access code is necessary. NON-GAAP FINANCIAL MEASURES The Company believes that, although not prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), adjusted EBITDA provides stockholders and investors with a valuable measure for evaluating Penton's operating performance. Penton also uses adjusted EBITDA as a basis for determining bonuses for certain management-level employees. The most directly comparable GAAP measure, which is net income (loss), includes depreciation and amortization, non-cash compensation, impairment of assets, provision for loan impairment, interest expense, taxes, restructuring charges, and other non-operating items. Adjusted EBITDA excludes these items because they do not directly influence the ongoing operations of the business. Penton believes that adjusted EBITDA should be considered in addition to, not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP. The Company evaluates performance of its segments based on revenues and adjusted segment EBITDA. As such, management uses adjusted segment EBITDA, as previously defined, as the primary measure of profitability in evaluating segment operations. Not all companies calculate adjusted EBITDA and adjusted segment EBITDA in the same manner, and these measures as presented may not be comparable to similarly titled measures by other companies. ABOUT PENTON MEDIA Penton Media (www.penton.com) is a diversified business-to-business media company that provides high-quality content and integrated marketing solutions to the following industries: aviation; design/engineering; electronics; food/retail; government/compliance; business technology/enterprise IT; leisure/hospitality; manufacturing; mechanical systems/construction; health/nutrition and natural and organic products; and supply chain. Founded in 1892, Penton produces market-focused magazines, trade shows, conferences and online media, and provides a broad range of custom media and direct marketing solutions for business-to-business customers worldwide. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The statements included within the Business Outlook section of this press release and other statements in this document that are not historical in nature are forward-looking statements that involve risks and uncertainties. Although management of Penton believes that its expectations are based upon reasonable assumptions within the bounds of its knowledge of Penton's business, there can be no assurance that the Company's financial goals will be realized. Numerous factors may affect the Company's actual results and may cause results to differ materially from those expressed in forward-looking statements made by or on behalf of the Company. Factors that could cause actual results to differ materially include: fluctuations in advertising revenue with general economic cycles; the performance of Penton's natural products industry trade shows; the seasonality of revenue from publishing and trade shows and conferences; the success of new products; increases in paper and postage POSTAGE. The money charged by law for carrying letters, packets and documents by mail. By act of congress of March 3, 1851, Minot's Statute at Large, U. S. 587, it is enacted as follows: 2.-Sec. 1. costs; the infringement The encroachment, breach, or violation of a right, law, regulation, or contract. The term is most frequently used in reference to the invasion of rights secured by Copyright, patent, or trademark. or invalidation in·val·i·date tr.v. in·val·i·dat·ed, in·val·i·dat·ing, in·val·i·dates To make invalid; nullify. in·val of Penton's intellectual property rights; and other such factors listed from time to time in Penton's reports filed with the Securities and Exchange Commission. In addition, this release contains time-sensitive information that reflects management's best analysis as of the date of this release. Penton does not undertake any obligation to publicly update or revise any forward-looking statements that arise after the date of this release, whether as a result of new information, future events or otherwise. Please refer to Penton's most recent quarterly report on Form 10-Q Form 10-Q See 10-Q. and annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , and any subsequently filed reports on Form 10-Q and Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , as well as its other filings with the Securities and Exchange Commission, for a complete discussion of risks and other factors that could cause actual results to differ materially from those contained in this press release.
PENTON MEDIA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; dollars and shares in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
2003 2002 2003 2002 (1)
--------- --------- --------- ----------
REVENUES $ 47,283 $ 63,837 $ 206,260 $ 235,106
--------- --------- --------- ----------
OPERATING EXPENSES:
Editorial,
production and
circulation 23,297 28,193 92,617 103,894
Selling, general and
administrative 20,897 31,591 89,502 119,688
Impairment of assets - - 45,797 223,424
Provision for loan
impairment - - 7,600 -
Restructuring charges
and other expenses 2,371 4,654 5,707 15,436
Loss on Sale of
Properties - 888 - 888
Depreciation and
amortization 2,967 4,483 13,790 19,329
--------- --------- --------- ----------
49,532 69,809 255,013 482,659
--------- --------- --------- ----------
OPERATING LOSS (2,249) (5,972) (48,753) (247,553)
--------- --------- --------- ----------
OTHER INCOME (EXPENSE):
Interest expense (9,456) (9,741) (39,686) (38,193)
Interest income 184 182 523 768
Gain on sale of
investments - - - 1,491
Gain on extinguishment
of debt - - - 277
Writedown of Internet
investments - (107) 24 (41)
Miscellaneous, net (454) (392) (748) (635)
--------- --------- --------- ----------
(9,726) (10,058) (39,887) (36,333)
--------- --------- --------- ----------
LOSS FROM CONTINUING
OPERATIONS BEFORE
INCOME TAXES AND
CUMULATIVE EFFECT OF
ACCOUNTING CHANGE (11,975) (16,030) (88,640) (283,886)
Benefit for income taxes 8 30,783 53 40,514
--------- --------- --------- ----------
INCOME (LOSS) FROM
CONTINUING OPERATIONS
BEFORE CUMULATIVE
EFFECT OF ACCOUNTING
CHANGE (11,967) 14,753 (88,587) (243,372)
Discontinued operations,
net of taxes (39) (1,922) 738 (3,252)
--------- --------- --------- ----------
INCOME (LOSS) BEFORE
CUMULATIVE EFFECT OF
ACCOUNTING CHANGE (12,006) 12,831 (87,849) (246,624)
Cumulative effect of
accounting change,
net of taxes - - - (39,700)
--------- --------- --------- ----------
NET INCOME (LOSS) (12,006) 12,831 (87,849) (286,324)
Amortization of deemed
dividend and accretion
of preferred stock (2,812) (661) (7,307) (46,174)
--------- --------- --------- ----------
NET INCOME (LOSS)
APPLICABLE TO COMMON
STOCKHOLDERS $(14,818) $12,170 $(95,156) $(332,498)
========= ========= ========= ==========
ADJUSTED EBITDA $ 3,146 $5,257 $25,514 $14,503
========= ========= ========= ==========
EARNINGS PER COMMON
SHARE - basic and
diluted:
Income (loss) from
continuing operations
applicable to common
stockholders $(0.44) $0.43 $(2.88) $(8.94)
Discontinued
operations, net of
taxes - (0.06) 0.02 (0.10)
Cumulative effect of
accounting change,
net of taxes - - - (1.23)
--------- --------- --------- ----------
Net income (loss)
applicable to common
stockholders $(0.44) $0.37 $(2.86) $(10.27)
========= ========= ========= ==========
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING:
Basic 33,475 32,742 33,299 32,374
========= ========= ========= ==========
Diluted 33,475 32,784 33,299 32,374
========= ========= ========= ==========
(1) YTD 2002 results reflect the reclassification of extraordinary
items.
PENTON MEDIA, INC.
SUPPLEMENTAL SEGMENT INFORMATION
AND RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)
(Unaudited; all amounts in thousands)
Three Months Ended Year Ended
December 31, December 31,
2003 2002 2003 2002
--------- --------- --------- ----------
Revenues
Industry Media $ 21,372 $ 24,634 $82,366 $ 92,380
Technology Media 17,960 23,260 67,492 90,267
Lifestyle Media 3,005 8,829 31,756 30,839
Retail Media 4,946 7,114 24,646 21,620
--------- --------- --------- ----------
Total Revenues $ 47,283 $ 63,837 $206,260 $ 235,106
========= ========= ========= ==========
Adjusted EBITDA
Industry Media $ 2,867 $ 4,008 $ 15,180 $ 15,903
Technology Media 2,868 2,031 7,744 2,785
Lifestyle Media (645) 3,793 12,790 12,245
Retail Media 509 1,183 5,608 3,768
--------- --------- --------- ----------
Subtotal 5,599 11,015 41,322 34,701
General & Administrative (2,453) (5,758) (15,808) (20,198)
--------- --------- --------- ----------
Total Adjusted EBITDA $ 3,146 $ 5,257 $ 25,514 $ 14,503
========= ========= ========= ==========
Total Adjusted EBITDA $ 3,146 $ 5,257 $ 25,514 $ 14,503
Restructuring charge and
other expenses (2,371) (4,654) (5,707) (15,436)
Provision for loan
impairment - - (7,600) -
Impairment of assets - - (45,797) (223,424)
Loss on sale of properties - (888) - (888)
Non-cash compensation (57) (1,204) (1,373) (2,979)
Depreciation and
amortization (2,967) (4,483) (13,790) (19,329)
--------- --------- --------- ----------
Operating Loss (2,249) (5,972) (48,753) (247,553)
Interest expense (9,456) (9,741) (39,686) (38,193)
Interest income 184 182 523 768
Gain on sale of investments - - - 1,491
Gain on extinguishment of
debt - - - 277
Miscellaneous, net (454) (499) (724) (676)
Benefit for income taxes 8 30,783 53 40,514
Discontinued operations,
net of taxes (39) (1,922) 738 (3,252)
Cumulative effect of
accounting change,
net of taxes - - - (39,700)
--------- --------- --------- ----------
Total Net Income (loss) $(12,006) $12,831 $(87,849) $(286,324)
========= ========= ========= ==========
PENTON MEDIA, INC.
SUPPLEMENTAL PRODUCT INFORMATION
(Unaudited; all amounts in thousands)
Three Months Ended Year Ended
December 31, December 31,
2003 2002 2003 2002
--------- --------- --------- ----------
Revenues
Publishing $ 34,782 $ 39,949 $ 148,171 $ 165,686
Trade Shows & Conferences 8,861 20,421 44,209 56,707
Online Media 3,640 3,467 13,880 12,713
--------- --------- --------- ----------
Total Revenues $ 47,283 $ 63,837 $ 206,260 $ 235,106
========= ========= ========= ==========
PENTON MEDIA, INC.
SUPPLEMENTAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands)
December 31, 2003 December 31, 2002
------------------- -------------------
(Unaudited)
ASSETS
Cash and cash equivalents $ 29,626 $ 6,771
Other current assets 36,761 97,309
Current assets of discontinued
operations - 2,049
Property, plant and equipment,
net 18,803 23,917
Goodwill, net 214,411 251,972
Other intangibles, net 18,826 32,754
Other assets 463 -
------------ ------------
$ 318,890 $ 414,772
============ ============
LIABILITIES AND STOCKHOLDERS'
DEFICIT
Current liabilities $ 57,454 $ 73,180
Current liabilities of
discontinued operations - 1,050
Long-term debt 328,613 328,220
Other long-term liabilities 22,690 27,231
Mandatorily redeemable convertible
preferred stock 53,481 46,174
Redeemable common stock 2 1,118
Stockholders' deficit (143,350) (62,201)
------------ ------------
$ 318,890 $ 414,772
============ ============
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